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Mexico Makes Biggest Oil Find in a Decade

Foxnews Latino
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State-owned oil giant Petroleos Mexicanos, or Pemex, said it found reserves of up to 500 million barrels of crude in southern Mexico, a discovery that President Felipe Calderon hailed as the "biggest find" of petroleum on land in the past decade.

The Navegante 1 field is about 20 kilometers (12 miles) from Villahermosa, the capital of the southern state of Tabasco, and yielded light crude at a depth of 6,800 meters (22,295 feet), Pemex officials told Efe.

Initial estimates are that the field contains 500 million proven, possible and probable (3P) barrels of petroleum, but new test wells are planned and could boost reserve estimates to up to 1 billion barrels, Pemex said.

Calderon, who is less than a week away from handing over power to President-elect Enrique Peña Nieto, announ

This is definitely good news for the citizens of Mexico especially those in Southern Mexico and for all of the people in North America. One certainly hopes that this newly discovered crude oil field is developed with a long term view in control to maximize the economic benefits to Mexico over the longest term practical.

Perhaps the time is right to form the North American Petroleum Exporting Countries (NAPEC) organization as a counter weight to OPEC on the world scene.

Mexico Makes Biggest Oil Find in a Decade, so much for that 'Peak Oil' thing. There is oil all over this world, find it, get it out of the ground and get it to market. And the price of fuel at the pump keeps going up and up!Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.The price of fuel at the pump is too high!XII/XXII/MMXII!

If only Mexico could export only its oil and not the thugs and drugs that seem to flood the Southwestern boarders, we could be a tad happier about them finding more oil. Perhaps this find will mean more jobs and more people will have reason to stay in Mexico.